There were 904 active listings on the market at the end of the first quarter throughout the Lynchburg Association of Realtors footprint, an 18% decline compared to 2019 with 195 fewer active listings. The supply in the region’s housing market has been declining rapidly for several years. The inventory in the market now is less than half the level it was in the first quarter four years ago.
Similar inventory trends are occurring in regions throughout the state. The supply of active listings in Virginia declined by 19% in the first quarter compared to 2019. There was an estimated three months of supply in the region’s housing market at the end of the first quarter, down from 3.8 months of supply in 2019.
The months of supply is calculated by taking the average monthly sales during the preceding 12-month period and dividing it by the inventory of active listings. In most housing markets, a supply below six months tends to favor sellers rather than buyers.
- Amherst County: There were 114 active listings at the end of the first quarter, a 17% decline from one year ago for a reduction of 23 active listings. The inventory in the county’s housing market has been shrinking rapidly during the last four quarters.
- Appomattox County: After an uptick last quarter, the supply of active listings declined this quarter. there were 74 active listings on the market at the end of the first quarter, nine fewer than last year for an 11% decrease.
- Bedford County: The inventory in the market has been shrinking consistently for more than four years. there were 388 active listings in the county’s housing market at the end of the first quarter, a 20% drop from last year with 100 fewer listings.
- Campbell County: There were 153 active listings on the market at the end of the first quarter in Campbell County, 14 fewer listings than one year ago representing an 8% decline.
- Lynchburg: The supply of listings in the housing market continues to decline rapidly. Thee were 175 active listings at the end of the first quarter for a 22% drop from last year with 49 fewer active listings.
If you are thinking of selling, now is a great time. Contact a REALTOR today.